Maha Energy: Increases net cash position - ABG

Q3 EBITDA of -0.3m vs ABGSCe 0.9m
Strong financial position - Holds SEK 6.1/sh in net cash
Only small estimate changes expected


Q3 EBITDA -0.3m vs ABGSCe USD 0.9m

Maha Energy reports Q3'23 working interest production of 1,953boe/d, which was preannounced ahead of today's report. Note that Maha's main assets are equity accounted and consequently not fully reflected into the reported numbers. Q3 revenues of USD 1.3m was in line with ABGSCe of USD 1.3m. EBITDA in the quarter came in at USD -0.3m, below ABGSCe of USD 0.9m, with the miss being explained by slightly higher costs. FCF in Q3 was USD 49m (SEK 2.9/sh), vs ABGSCe of USD 50m (SEK 2.9/sh) when adjusting for investments in financial assets and some transfers to restricted cash. In sum, we evaluate the Q3'23 numbers to be in line with our expectations in absolute terms. See the deviation table below for more details.

Länk till analysen i sin helhet: https://cr.abgsc.com/foretag/maha-energy/Equity-research/2023/11/maha-energy---increases-net-cash-position/